2026-013 Ordinance - Laserfiche WebLink

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3.7 Full Funding The Project Sponsor acknowledges that full funding occurs when it can demonstrate, to the satisfaction of the Commission, that funds have been raised to cover the Project Budget set forth in Section 3.4 of this Agreement (Full Funding). 3.8 Disbursement of Grant Funds The funds to be disbursed under this Agreement shall not exceed the lesser of (A) the amount of the State appropriations or (B) the amount of funds (i) approved by the Commission and (ii) which comply with the conditions set forth in this Agreement. If further appropriations are made by the General Assembly and the expenditure of all or a portion of such funds is approved by the Commission, this Agreement may be amended to reflect any such additional amounts. Notwithstanding anything set forth above, the state appropriation disbursed under this Agreement shall not exceed the lesser of (i) the aggregate appropriations by the General Assembly for the Cultural Project or (ii) twice the Local Match. The Project Sponsor expressly acknowledges that no payment of state appropriation funds shall be made until such funds are released by the Director of Budget Management. The Project Sponsor shall submit invoices to the Commission in compliance with Exhibit A, attached hereto and made a part hereof. 3.9 Tax Obliqations The Project Sponsor shall be solely responsible for and shall pay all applicable federal, state, and local tax obligations. The Project Sponsor affirms that it will take, or cause to be taken, all actions that may be required of the Project Sponsor for the interest on the Facility Bonds to be and remain excluded from gross income for federal income tax purposes and from treatment as an item of tax preference for purposes of the alternative minimum tax imposed on individuals and corporations under the Internal Revenue Code, and will not take, or permit to be taken, any actions which would adversely affect such exclusion and such treatment. Page 4 of 15